Ask Question
21 April, 08:42

Suppose that in a population of 50 million persons, 40 million are in the labor force, 36 million are employed, 2 million are classified as unable to work, and 1 million are classified as unwilling to work. the unemployment rate is

+4
Answers (1)
  1. 21 April, 11:48
    0
    To answer this question, let us use the following definitions from the Bureau of Labor Statistics:

    1. Unemployed - you must be over 16, and available to work full-time, actively looking for work during the past four week period.

    2. The labor force - includes the unemployed plus the employed, no one else

    3. Unemployment rate - the number of unemployed divided by the total labor force.

    To calculate:

    Let X = Unemployment Rate = Unemployed / Total Labor Force

    X = (Total Labor force - Employed) / Total Labor Force

    X = (40-36) / 40

    X = 4/40

    X =.10 or 10%
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Suppose that in a population of 50 million persons, 40 million are in the labor force, 36 million are employed, 2 million are classified as ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers